Bitcoin is trying a restoration wave above $21,500 in opposition to the US Dollar. BTC should clear the $22,650 resistance zone to maneuver right into a optimistic zone.
- Bitcoin is slowly transferring greater above the $21,400 and $21,500 ranges.
- The worth is now buying and selling above the $21,400 degree and the 100 hourly easy transferring common.
- There is a significant bearish pattern line forming with resistance close to $22,400 on the hourly chart of the BTC/USD pair (information feed from Kraken).
- The pair may recuperate greater, however the bears may stay energetic close to the $22,650 zone.
Bitcoin Price Attempts Recovery
Bitcoin worth appears to be forming a base above the $21,000 support zone. BTC is slowly transferring greater above the $21,200 and $21,400 ranges.
There was a minor enhance above the $21,500 resistance zone and the 100 hourly easy transferring common. The worth even spiked above the 23.6% Fib retracement degree of the important thing drop from the $24,416 swing excessive to $20,797 low.
However, the worth didn’t settle above the $21,650 resistance zone. Bitcoin is now buying and selling above the $21,400 degree and the 100 hourly simple moving average.
On the upside, a direct resistance is close to the $21,650 and $21,700 ranges. The first main resistance on the upside sits close to the $22,000 degree. The subsequent key resistance might be close to the $22,500 zone. There can also be a significant bearish pattern line forming with resistance close to $22,400 on the hourly chart of the BTC/USD pair.
Source: BTCUSD on TradingView.com
The fundamental hurdle might be close to the $22,650 zone. It is near the 50% Fib retracement degree of the important thing drop from the $24,416 swing excessive to $20,797 low. If there may be an upside break above the $22,650 resistance zone, the worth might maybe rise in the direction of the $23,500 resistance zone. Any extra positive aspects may ship the worth in the direction of the $24,000 resistance zone.
Fresh Decline in BTC?
If bitcoin fails to clear the $22,500 resistance zone, it may begin one other decline. An rapid help on the draw back is close to the $21,400 degree and the 100 hourly easy transferring common.
The subsequent main help now sits close to the $21,000 degree. A transparent transfer beneath the $21,000 help may enhance promoting stress within the close to time period. In the acknowledged case, the worth may decline in the direction of the $20,000 degree.
Technical indicators:
Hourly MACD – The MACD is now dropping tempo within the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now simply above the 50 degree.
Major Support Levels – $21,400, adopted by $21,000.
Major Resistance Levels – $21,650, $22,000 and $22,650.
